I've found marine tex better for filling gouges, or screw holes.  I would think some fiber glass cloth or mat on the parts of the boxes that fit inside the gunnels would do a decent job. Sand and re paint, then re install with the cleaned and oiled teak or varnished if you don't mind redoing it every year or so.
		 
		
		
		
		
		
		
			
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				1985 Wellcraft V-20, Evinrude ETEC 150: SOLD 
1979 Marine Trader 44, twin Ford Lehman 120s 
2006 Panga 14, Tohatsu 20
			 
		
		
		
		
		
	
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